I think what initially drove Smith to donate his family home and especially his 24 unit complex to charity became transformed into something
more property management company friendly.
His main intentions were excellent and I applaud his kind hearted contribution, I'm sure he will continue in that direction.
What bothered me about the article was the fact that 20 of the 24 units are being rented at $200 below market value. The need for emergency
housing due to 'illness, loss of employment and other misfortunes' isn't remedied by a reduction of $200 off the going rate. The reasons for need
- no job, home destroyed by fire, illness, etc - are devasting to most both emotionally and financially. For most, I'm sure there is no money left
to see any benefit in what the ~good people~ at Phenix Group LLC and the United Way's housing program felt was a good thing for those in need.
The rental income, generating a net of $30,000 a year after expenses, is the true bottom line. It's an ongoing cycle. It's depressing when good
intentions are tarnished by too many cooks spoiling the stew.